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1、 金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 对 外 经 济 贸 易 大 学 2000-2001学 年 第 一 学 期 ENG353 金 融 英 语 阅 读 期 末 考 试 试 卷(A)本 试 卷 适 用 于：全 校 三 年 级 各 专 业 的 学 生(9 9 级)学 号：姓 名：班 级：成 绩：1.Translate the following financial terms.(20%)1)IDA2)SDR3)IFC4)OECD5)Clipping6)Laissez-faire7)Debasement8)MIGA9)Convertible paper money10)in a
2、rrears1)扶 贫(工 作)2)”大 一 统“银 行 系 统 3)垂 直 管 理 体 制 4)霸 权 5)金 本 位 制 崩 溃 6)互 惠 主 义 7)银 根 紧 缩 8)差 别 价 格 9)收 益 差 1 0)空 头 交 易 2.Paraphrase the underlined words in English according to the text.(15%),维 阴 阳 专 府 竽 专 八 矛，”，金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 1)The IFCs policy is to favor joint ventures that have some
3、local capital committed atthe outset,or at least the probability of local capital involvement in the foreseeablefuture.2)To date,there have been no defaults on loans made by the World Bank.3)Rugged individualistic liberalism based upon Anglo-Saxon roots knew,renderingtheir liberal ideology rigid and
4、 dogmatic.4)The value of a commodity or token used as money also fluctuates,and when thereis inflation,its value persistently falls.5)They put their reputation on the line when they endorse a companys report.3.Please translate the following sentences into either Chinese or English(20%)1)The whole ea
5、rth approach to political economy a world remains theexception and not the rule.Economists note that their discipline was traditionallycalled political economy,the queen of the social sciences dating back at least toAdam Smiths Wealth of Nations,published in 1776.2)Barter can take place only when th
6、ere is a double coincidence of wants.A doublecoincidence of wants is a situation that occurs when person A wants to buy whatperson B is selling and person B wants to buy what person A is selling.3)政 府 对 国 际 贸 易 中 的 小 汽 车 和 多 数 其 它 商 品 进 行 调 控。他 们 对 进 口 征 收 税 款,称 为 关 税，同 时 建 立 配 额 制，以 对 可 能 进 口 的 数 量
7、 进 行 限 制。4）货 币 是 为 人 们 广 为 接 受 的，作 为 商 品 和 服 务 支 付 手 段 的 任 何 商 品 或 辅 币，货 币 有 四 种 职 能：交 换 媒 介、价 值 尺 度、储 藏 手 段、延 期 支 付 手 段。4.Please fill in the following blanks with ONE appropriate word in each blank.(15%)The balance o f is a statistical record o f theeconomic transactions between residents of the re
8、porting countryresidents of the rest of the world during a given period.The usualreporting period all the statistics included in the account is oney e a r.,some of the statistics that make the balance of,维 阴 阳 专 府 竽 专 八 矛 金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 payments are published a more regular monthly an
9、d quarterly basis.Without the balance of payments is one of theimportant statistical statements for any country.It reveals how many goods andthe country has been exporting and and whether thecountry has been from or lending money to the rest of the world,addition,whether o r the central monetary aut
10、hority(usually the central bank)has added to or reduced its reserves of foreign currency isreported in the statistics.5.Please read the following 2 articles and briefly answer the questions given.(20%).Article 1Compared with the central banks of some other countries,the Federal Reserve Systemof the
11、United States which has a history of only about 80 years,is relatively young.The Federal Reserve Act“passed by American Congress in 1913 aims at providing arelatively secure and flexible banking and monetary system.Today,the FederalReserve System is an institution with】egional dispersion.In terms of
12、 ownership andcontrol,there are epresentatives of government interests as well as private interestsThis is a recognition of a long-standing conviction:the participation of private sectoris essential to the creditability and management of the Central Bank.Currently,the Board of Governors of the Feder
13、al Reserve System consists of sevenmembers,appointed by the President,subject to Senate approval.Each member mustcome from a different geographical region.In order to maintain a balance between central supervision in Washington andparticipation of various regions as well as private sector,Congress e
14、stablished 12regional Federal Reserve Bank,each providing service for a geographical region.Asan independent institutional entity,the regional bank,with a board of directors andmember banks as shareholders,is an important aspect of the Federal Reserve Act.There are three basic functions for the cent
15、ral bank:Firstly,the responsibility of the central bank is the formulation and execution ofmonetary policy,with the twin goals of promotion of price stability at home andstimulation of genuine growth of economy.These goals are still be the core of centralbank policies.Another important responsibilit
16、y of a central bank is the supervision or participationin supervision,to a certain degree,of the member banks and financial institutions.Asound banking and financial structure is crucial to an effective monetary policy.Confidence in the health and soundness of the banking and financial system willfa
17、cilitate the mobilization of social savings which,in turn,will be used in productiveinvestment,thus promoting economic growth.The third major function of the central bank is the supervision of the clearingmechanism.A reliable clearing mechanism which can settle inter-bank transactionwith high effici
18、ency is crucial to a well-operated financial system.Why does it matter whether there is certain degree of independence for a centralbank?,雄 阴 阳 专 府 竽 专 八 矛，”，金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 Generally speaking,the greater the independence of the central bank,the less likely itwill become the target of
19、short-term political pressure.The central bank under directregular government control seems inevitable to carry out a relaxed credit policy,especially at a time of approaching election.What is even worse,it directly providescapital to cover the governments deficit.Although these policies may be reme
20、dy to the critical situation of some short-termproblems,they will in the end produce an upward swing of inflation and lead to aninevitable tightening of credit in the future.Independence is also conducive to thecentral bank in its execution of the supervisory responsibility and makes it possiblefor
21、the central bank to resist the pressure for relaxing or tightening regulation standard,depending on in which direction the political wind blows.1)Please translate the underlined parts of the second paragraph into Chinese.Today,the Federal Reserve System is an institution with regional dispersion.In
22、termsof ownership and control,there are representatives of government interests as well asprivate interests.2)What is the significance of setting up the regional banks?3)What is the most important part in the central banks policies?4)Can you use another proper word or term to replace the underlined
23、word“clearing”in the 8 ih paragraph?5)According to the text,why is independence so important for the central bank?Article 2Recessions are deflationary events.They open up a gap between aggregatesupply and demand that both reduces cost pressures and curtails pricing leverage.Theoutcome usually takes
24、the form of a cyclical disinflation-a temporary easing in theinflation rate that then begins to reverse itself in the subsequent recovery.Deflation isthe extreme of disinflation.It represents the rare occurrence of an outright contractionin the aggregate level-a lethal result for the real economy an
25、d financial markets.Unfortunately,thats where the risks now lie.There is a growing chance,in my view,that both the world and the US economy could experience a whiff of deflation overthe next couple of years.The world is not exactly lacking in modern-day examples of deflation.Thatsespecially the case
26、 in Asia,which accounts for about one-third of global output.Theprice level in Japan,the second largest economy in the world,has contracted in five ofthe past six years.Our latest forecast calls for at least another two-year of Japanesedeflation over the 2001-2 interval,with that nations CPI project
27、ed to fall at a 1.1%average rate over that interval.Greater China,increasingly the price setter at themargin for Asia ex Japan,has also had a brush with deflation.For the PRC,the CPI4,雄 阴 阳 专 府 竽 专 八 矛，”，金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 declined by an average of about 1%in both 1998 and 1999 and,at pre
28、sent,is barelyhovering in positive territory+1.0%in August 2001.Hong Kong is in the midst of itsthird consecutive year of deflation,and our latest estimates call for an increase of just0.3%in the aggregate Taiwanese price level in 2001.At the same time,Singapore,which had a whiff of deflation in 199
29、8,saw its CPI slow to a 29-month low of 0.5%in September 2001.Outside of Asia,deflation is the exception-not the rule.One of those exceptionsis Argentina,which is in the midst of a third consecutive year of outright deflation.Another exception could well be the United States.Two reasons come to mind
30、一 thefirst being the impacts of the business cycle.Downside risks to inflation are notarrested when recessions are over.Indeed,policy stimulus or not,deflationarypressures typically intensify well into the first year of economic recovery.Over thepast seven business cycles,the chain-weighted GDP pric
31、e index slowed from anaverage of 4.4%in the year prior to recession to 2.9%in the year following recession.That means the typical recession has knocked an average of 1.5 percentage points offthe US inflation rate.Applying this norm-1.5 percentage points of disinflation一 tothe current pre-recession t
32、rend of 2.3%inflation in the year ending 2001 wouldproduce a 0.8%inflation rate in the year following this downturn.To be sure,thismechanistic rule of thumb simplifies a very complex story and masks a good deal ofvariability in disinflation cycles of the past.But with the US economy entering thisrec
33、ession with a very low inflation rate,a surprisingly close call with deflation couldwell be in the cards for the United States at some point over the next couple of years.A second,and perhaps more important reason to worry about US deflation is thelegacy of Americas popped asset bubble.In the rush t
34、o focus on the recessionaryshock of 11 September,financial market are losing sight of what I continue to believeis the single most disruptive macro force in the US economy-the excesses associatedwith the Nasdaq bubble.The capacity overhang is a case in point.In earlierboom-bust capital spending cycl
35、es,the business fixed investment share of GDP wentfrom more than 13%down to about 10%.In the current instance,this share has gonefrom around 13%to just 11.9%in 2001.That means businesses might be only abouthalf way through the pruning of excess investment.Lingering investment excesses area classic m
36、anifestation of an overhang of aggregate supply that puts ongoing pressureon the overall price level.The same is true of the excesses of household debt,theshortfall of personal saving,and a massive current account deficit.They all speak of aUS economy that lived beyond its means as the asset bubble
37、expanded.Now that thebubble has popped,a purging of those excesses is in order-an outcome that has thepotential to trigger a lingering series of deflationary after shocks on the demand sideof the equation as well.Just ask Japan.Questions:1.What are the differences among inflation,disinflation and de
38、flation?2.What does the writer think of the present economical situation of the United States?,雄 阴 阳 专 府 竽 专 八 矛，”，金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 Why does he think so?3.Which Asian countries determine the price in this area?4.Is deflation a widespread phenomenon in the American continent?Why or whyno
39、t?5.What does the sentence“a surprisingly close call with deflation could well be inthe cards for the United States at some point over the next couple of years.”Mean?6.Please summarize the following article in no more than 120 words(10%)European finance officials fear they may have underestimated ho
40、w many euro coinswill be needed in the first days of next year-and there are also doubts about whetherthey will all be effectively distributed.Indeed,while notes represent the security risk as the euro completes its transformationfrom abstract currency to hard cash,in many ways it is the coins that
41、are the realheadache.The problem is threefold.Shipping coins is an arduous task because there are so manyof them and they weigh so much-more than 50bn across the eurozone,weighing upto 8.5 grams apiece.Putting them into the pockets and purses of people is also difficult.While almosteveryone will get
42、 notes from automatic cash dispensers,the distribution of coinslargely rests on getting hold of special kits and being handed the right change fromoften poorly-trained retailers-even for purchases paid for in the old legacy”currencies.All that is complicated by the final problem-no one really knows
43、how many coinspeople will want.The difficulty is that while many people keep stashes of noteshidden away-now being returned to the banks,with a consequent drop in the amountof cash in circulation-the proportion of coins left dormant is even greater.The French government estimates that the number of
44、coins the country uses to buythings on a day-to-day basis is 2.5bn.But the total number in circulation is anythingbetween 6bn to 8bn,the discrepancy accounted for by piles of unused coins onshelves,in piggy banks and down the sides of sofas.Hence the uncertainty over how many coins people feel they
45、will need.In response,the French have increased the initial distribution of coins from 3.5bn to more than 5bn.Eventually they plan to circulate 6.5bn.Similarly,Belgium has upped the number ofminikit”collections of coins that will be the easiest way for people to get their handson the new currency.Th
46、e country had initially planned to issue 4m minikits-about,雄 阴 阳 专 府 竽 专 八 矛，”，金 融 英 语 阅 读 期 末 考 试 试 卷 共 7 页 one for each household.It is now making 5.5m available.The Belgian government compliments itself that it has distributed two-thirds of thecoins it needs to,but in France the task is made more
47、 difficult by the threat of strikeaction.Bank of France workers plan to strike on December 14,just as packs of thecoins should become available to the public,while private sector bank employeesthreaten a strike on January 2,the first business day after the changeover.In the wake of a blockade by wor
48、kers at one mint,Laurent Fabius,Frances financeminister,admitted last week to a slight delay in sending out coins to supermarkets,but says it will be resolved by December 15.He even brushes aside worries about scarcity in the early days of next year.nIf therearent enough coins,thats not necessarily negative,he said.Obviously people willpay in euros from January 1,but they can also go on paying in francs.n But notindefinitely:French franc notes and coins will stop being legal tender on February 17.7,雄 阴 阳 专 府 竽 专 八 矛，”，